Money In Lasik: LCA-Vision 1Q Profit Rises

LCA-Vision Inc., which provides eye laser surgery through 52 LasikPlus centers, said Tuesday its first-quarter profit climbed 41 percent, driven by a higher number of eye laser procedures performed at centers open longer than one year.

LCA-Vision also raised its full-year financial forecast. Its shares rose $6.80, or 13.3 percent, to $58 in premarket activity, according to the INET electronic trading system.

For the quarter ended March 31, LCA-Vision reported net income of $13.1 million, or 61 cents per share, versus a prior-year profit of $9.3 million, or 44 cents per share. Revenue rose 46 percent to $73.4 million from $50.2 million in the year earlier period.

Wall Street had forecast a profit of 50 cents per share, the average estimate of five analysts surveyed by Thomson Financial, on projected sales of $67.5 million.

Revenue at LasikPlus vision centers open at least one year -- a performance gauge called same-store revenue -- surged 35 percent in the United States. Procedure volume increased 42 percent to 53,372 from 37,578, it said.

LCA-Vision projected 2006 earnings per share between $1.75 and $1.85 per share, up from a previous target of $1.65 to $1.75 per share. The company backed its full-year revenue forecast, which calls for sales increasing from 30 percent to 40 percent for the rest of 2006. Analysts' consensus 2006 view is $1.74 per share on $252.1 million in revenue.

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